Senate Banking Committee Chairman Chris Dodd plans to unveil his draft regulatory reform legislation at a press conference today Tuesday, his office announced Monday.
The bill lays down a marker for the Senate's starting point for negotiations and Dodd hopes to kick-off the committee debate next week and hold a vote in December.
The highly anticipated bill is expected to differ from House Financial Services Committee Chairman Barney Frank's approach in some key ways.
Dodd's bill is expected to call for creating a single banking regulator and making a council of regulators headed by a presidential appointee, rather than the Federal Reserve Board, the systemic risk regulator.
Dodd's bill is expected to find common ground with Frank's approach on a central priority for the Obama administration and Democratic congressional leaders: creating an independent consumer financial protection agency.
Dodd's bill is expected to be comprehensive, including regulating derivatives, reforming the credit rating agencies, and improving insurance oversight.